Solution-Compute the acid-test ratio for the year ended

Accounting Question - Simon Company's year-end balance sheets follow:

At December 31	2017	2016	2015
Assets
Cash	$31,800	$35,625	$37,800
Accounts receivable, net	89,500	32,500	50,200
Merchandise inventory	112,500	82,500	54,000
Prepaid expenses	10,700	9,375	5,000
Plant assets, net	278,500	255,000	230,500
Total assets	$523,000	$445,000	$377,500
Liabilities and Equity
Accounts payable	$129,900	$75,250	$51,250
Long-tree notes payable secured by mortgages on plant assets	98,500	101,500	83,500
Common stock, $10 par value	163,500	163,500	163,500
Retained earnings	131,100	104,750	79,250
Total liabilities and equity	$523,000	$445,000	$377,500

1. Compute the current ratio for the year ended 2017, 2016 and 2015.

2. Compute the acid-test ratio for the year ended 2017, 2016, and 2015.

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Compute the acid-test ratio for the year ended : Simon Company's year-end balance sheets follow: Compute the acid-test ratio for the year ended 2017, 2016, and 2015

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